December 2017 brought major updates to India’s trade policy, with the country’s accession to the Wassenaar Arrangement on Export Controls for Conventional Arms and Dual-Use Goods and Technologies (Wassenaar Arrangement or WA) and the government’s release of a ‘Mid-term Review of Foreign Trade Policy (FTP) in December 2017’ (‘the Review’). These changes have broad implications for exporters operating in India and deserve careful attention across compliance functions, from export controls to tax.

The Sanctions and Anti-Money Laundering Bill (the Bill) introduced to the House of Lords on Wednesday 18th October 2017 paves the way for the United Kingdom’s sanctions and anti-money laundering (AML) framework ahead of Brexit. The Bill’s intention is to ensure that when the United Kingdom (UK) leaves the European Union (EU), the UK can continue to impose, lift, amend, and update sanctions and AML regimes: these include financial sanctions, arms embargoes and trade control restrictions, international travel bans, and money laundering regulations.

On November 13, 2017 the European Union imposed a military embargo as well as additional restrictive measures against Venezuela under EU Council Decision No. 2017/2074/CFSP and Council Regulation (EU) No.2017/2063. This sanctions regime came in force on its publication date in the European Union Official Journal (November 14, 2017). The aim of the new sanctions are to prevent the “excessive use of violence or abuse of human rights in Venezuela, in light of the recent deterioration of democracy and the rule of law” following massive protests against the Venezuelan President, Nicolas Maduro.

The US Department of Commerce Bureau of Industry and Security (BIS) recently announced a Final Rule (“Rule”) effective on 15 August 2017 that revises the US Commerce Control List (CCL) (see 82 FR 38764). The revisions have been made in line with changes to the Wassenaar Arrangement (WA) that were agreed during the December 2016 WA Plenary meeting.

The European Council (EC) has announced that it will create a policy framework for responding to malicious cyber activities aimed at European Union (EU) member states, according to a June 2017 statement titled “Cyber attacks: EU ready to respond with a range of measures, including sanctions.”[1] The new framework points to an expanding scope for EU sanctions, with possible impacts for businesses operating in Europe and abroad.

The People’s Republic of China’s Ministry of Commerce has released for public comment a draft Export Control Law that substantially overhauls China’s current trade controls system. As one of the top priorities for China’s 2017 legislative agenda, we anticipate the law will be promulgated by the end of 2017.

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